In reforms not seen in superannuation since Peter Costello handed down the Federal Budget in 2006, the Treasurer, Scott Morrison in his first Federal Budget delivered new measures clearly targeting the sustainability of tax concessions and greater equity of these superannuation concessions across all taxpayers. It is a budget reflective of the current state we…
We have recently updated our SMSF360 FundWeb Contribution Caps page to take into account the “Bring Forward Rule” and contributions to “other funds”. This means that you can now: Automatically track payments against contribution cap limits. Capture contributions to other funds. Capture prior year details, i.e. the ‘Bring Forward’ rule is supported. Keep up to…
A recontribution (or recycling) strategy is the process of withdrawing benefits from a member’s superannuation account and then making a non-concessional contribution (NCC) of the same money back into the fund. The primary objective of this popular strategy is to convert all or part of a member’s taxable component into tax-free component. In order to…
